What are retail shopping center developers up to in the vibrant northeastern region of the United States?
All across the Northeast — in which we include Ohio, Maryland, Virginia, Pennsylvania, New Jersey and the traditional northeastern states to the north — developers are renovating, redeveloping, raising rents, welcoming tenants and starting to get back to normal.
Joseph Coradino, CEO of Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT), sat down with Chain Store Age senior editor Katherine Boccaccio for an exclusive video interview at RECon 2013 in Las Vegas.
Any early skepticism about the longevity of mixed-use has been silenced. The art of combining components to create a live-work-play project has evolved into a science. And those that have become particularly adept at building, leasing and managing mixed-use properties say that the right formula makes for a successful development. Chain Store Age talked with three top developers of mixed-use projects and uncovered several trends that are governing, and continuing to evolve, the format.
It isn’t just the grocery-anchored centers that star in today’s retail shopping center format playbill. Sharing the spotlight — and overshadowing the struggling big-box centers — are open-air extensions to enclosed malls, hybrid outdoor centers that feature a mix of power and lifestyle tenants, and town center projects that incorporate a mix of uses from residential and office to hotel and medical.
What gives these formats their edge is the strength of the tenant lineup. And there is no denying the power that supermarkets wield.
As part of our preview coverage of the upcoming International Council of Shopping Centers’ New York deal-making convention in New York City, Dec. 6 and 7, Chain Store Age talked with Joseph Coradino, president of Pennsylvania Real Estate Investment Trust/PREIT Services, Philadelphia, about retailer attitude and potential deals at the New York convention.